Winter 2015
Holiday Closing Schedule
Branch Information
Falmouth Office
101 Gray Road · Falmouth ME 04105 (207) 878-3441 · Fax (207) 878-5327 Lobby Drive-Thru Mon-Thurs: 8:30 - 4:30 8:30 - 4:30 Friday: 8:30 - 5:00 8:00 - 5:00 Saturday: Closed Closed
Gray Office
43 Lewiston Road · Gray ME 04039 (207) 657-4777 · Fax (207) 657-6352
Portland Office
1345 Washington Avenue · Portland ME 04103 (207) 797-6492 · Fax (207) 797-7470
Windham Office
808 Roosevelt Trail · Windham ME 04062 (207) 892-3359 · Fax (207) 892-4109
Lobby Drive-Thru Mon-Thurs: 8:30 - 4:30 8:30 - 4:30 Friday: 8:30 - 5:00 8:00 - 5:00 Saturday: 8:30 - 12:00 8:30 - 12:00
Westbrook Service Center
Vocational Drive · Westbrook ME 04092 (207) 854-9850 · Fax (207) 854-9844
Service Center Hours Lobby Monday–Thursday: 9:00 - 4:30 Friday: 9:00 - 5:00 Saturday: Closed
It’s Me 247 Online Banking www.myccfcu.com CU*Talk 1-800-870-7190
Federally Insured by NCUA · Equal Opportunity Lender
January 20, 2015 – February 28, 2015
The deposit functions at our Falmouth, Gray, Portland, and Windham ATMs may not be available occasionally between January 20 and February 28, 2015, during ATM system upgrades. We do have night drop depositories available if the ATM is unable to make a deposit.
We apologize for this inconvenience.
CCFCU Has a Checking
Account for Every Member
With the variety of checking accounts we offer, we’re sure there’s one to match the needs of every member!
Our regular checking account offers: • No monthly fees
• No required debit card usage • No minimum balance requirement • No direct deposit requirement
Our Money Market Checking Account is an investment opportunity that earns higher dividends than a regular checking account but still allows immediate access to your funds with-out any penalties. There is a $4,000 minimum opening balance with dividend tiered rates. Average daily balances of $10,000 or more earn additional monthly dividends.
Our Teen Checking Club helps young adults get started on the road to financial independence. Club members complete four online courses to learn how to be financially responsible. Parental consent is required for a debit card.
Our free4ME Account is the ultimate account for 18- to 25-year-old members. In addition to all the features of our regular account, free4ME checking members receive additional VIP Member Reward points to apply towards Oops! overdraft forgiveness.
Our Fresh Start Checking Account is designed to give a second chance to those who want to re-establish their financial record. It’s often difficult to open new accounts if you’ve ever had an account closed because it was overdrawn. We believe everyone deserves a Fresh Start! For more information and details on any of our checking accounts, contact a Service Specialist today at 207.878.3441 x260.
Certificate Accounts
Possible ATM Deposit
Service Disruption
Looking for a safe account for your hard-earned savings? CCFCU’s certificate accounts pay very competitive dividends with the opportunity to earn even higher returns with a larger minimum balance. With flexible terms and tiered rates, we are sure to have the right term deposit account for you. CCFCU certificates offer:
• Security: Up to $500,000 is federally insured by NCUA (National Credit Union Administration) and privately insured Excess Share Insurance (ESI)
• Fixed rates: Rates won’t change for the term of the certificate, providing steady returns on your money
• Flexible terms: We offer 6, 9, 12, 24, 36, 48 and 60 month certificate terms We also offer IRA
Certificates for a
safe way to save for retirement. They are available for 12, 24, 36, 48 and 60 month terms. For more information and for current certificates rates, please visit www.myccfcu.com or call us at 207.878.3441.
New Year’s Day
Wednesday, December 31 · Closing at 1:00 p.m.
Thursday, January 1
Martin Luther King, Jr. Day
Monday, January 19 · Closed
Presidents’ Day
Monday, February 16 · Closed
Shouldn’t you be able to access your money wherever you are without fees
or hassles? It’s your money and accessing it should be easy! That’s why credit unions in Maine created the SURF surcharge-free ATM Network. The SURF ATM Network gives you access to over 230 ATM locations across the state of Maine. Whether you are riding miles of beautiful trails in Caribou, carving the slopes in Kingfield or cozying up by the fire in Kittery this winter, you’ll have easy access guaranteed!
Surcharge Free—
Winter 2015
Holiday Closing Schedule
Branch Information
Falmouth Office
101 Gray Road · Falmouth ME 04105 (207) 878-3441 · Fax (207) 878-5327 Lobby Drive-Thru Mon-Thurs: 8:30 - 4:30 8:30 - 4:30 Friday: 8:30 - 5:00 8:00 - 5:00 Saturday: Closed Closed
Gray Office
43 Lewiston Road · Gray ME 04039 (207) 657-4777 · Fax (207) 657-6352
Portland Office
1345 Washington Avenue · Portland ME 04103 (207) 797-6492 · Fax (207) 797-7470
Windham Office
808 Roosevelt Trail · Windham ME 04062 (207) 892-3359 · Fax (207) 892-4109
Lobby Drive-Thru Mon-Thurs: 8:30 - 4:30 8:30 - 4:30 Friday: 8:30 - 5:00 8:00 - 5:00 Saturday: 8:30 - 12:00 8:30 - 12:00
Westbrook Service Center
Vocational Drive · Westbrook ME 04092 (207) 854-9850 · Fax (207) 854-9844
Service Center Hours Lobby Monday–Thursday: 9:00 - 4:30 Friday: 9:00 - 5:00 Saturday: Closed
It’s Me 247 Online Banking www.myccfcu.com CU*Talk 1-800-870-7190
Federally Insured by NCUA · Equal Opportunity Lender
January 20, 2015 – February 28, 2015
The deposit functions at our Falmouth, Gray, Portland, and Windham ATMs may not be available occasionally between January 20 and February 28, 2015, during ATM system upgrades. We do have night drop depositories available if the ATM is unable to make a deposit.
We apologize for this inconvenience.
CCFCU Has a Checking
Account for Every Member
With the variety of checking accounts we offer, we’re sure there’s one to match the needs of every member!
Our regular checking account offers: • No monthly fees
• No required debit card usage • No minimum balance requirement • No direct deposit requirement
Our Money Market Checking Account is an investment opportunity that earns higher dividends than a regular checking account but still allows immediate access to your funds with-out any penalties. There is a $4,000 minimum opening balance with dividend tiered rates. Average daily balances of $10,000 or more earn additional monthly dividends.
Our Teen Checking Club helps young adults get started on the road to financial independence. Club members complete four online courses to learn how to be financially responsible. Parental consent is required for a debit card.
Our free4ME Account is the ultimate account for 18- to 25-year-old members. In addition to all the features of our regular account, free4ME checking members receive additional VIP Member Reward points to apply towards Oops! overdraft forgiveness.
Our Fresh Start Checking Account is designed to give a second chance to those who want to re-establish their financial record. It’s often difficult to open new accounts if you’ve ever had an account closed because it was overdrawn. We believe everyone deserves a Fresh Start! For more information and details on any of our checking accounts, contact a Service Specialist today at 207.878.3441 x260.
Certificate Accounts
Possible ATM Deposit
Service Disruption
Looking for a safe account for your hard-earned savings? CCFCU’s certificate accounts pay very competitive dividends with the opportunity to earn even higher returns with a larger minimum balance. With flexible terms and tiered rates, we are sure to have the right term deposit account for you. CCFCU certificates offer:
• Security: Up to $500,000 is federally insured by NCUA (National Credit Union Administration) and privately insured Excess Share Insurance (ESI)
• Fixed rates: Rates won’t change for the term of the certificate, providing steady returns on your money
• Flexible terms: We offer 6, 9, 12, 24, 36, 48 and 60 month certificate terms We also offer IRA
Certificates for a
safe way to save for retirement. They are available for 12, 24, 36, 48 and 60 month terms. For more information and for current certificates rates, please visit www.myccfcu.com or call us at 207.878.3441.
New Year’s Day
Wednesday, December 31 · Closing at 1:00 p.m.
Thursday, January 1
Martin Luther King, Jr. Day
Monday, January 19 · Closed
Presidents’ Day
Monday, February 16 · Closed
Shouldn’t you be able to access your money wherever you are without fees
or hassles? It’s your money and accessing it should be easy! That’s why credit unions in Maine created the SURF surcharge-free ATM Network. The SURF ATM Network gives you access to over 230 ATM locations across the state of Maine. Whether you are riding miles of beautiful trails in Caribou, carving the slopes in Kingfield or cozying up by the fire in Kittery this winter, you’ll have easy access guaranteed!
Surcharge Free—
Winter 2015
Holiday Closing Schedule
Branch Information
Falmouth Office
101 Gray Road · Falmouth ME 04105 (207) 878-3441 · Fax (207) 878-5327 Lobby Drive-Thru Mon-Thurs: 8:30 - 4:30 8:30 - 4:30 Friday: 8:30 - 5:00 8:00 - 5:00 Saturday: Closed Closed
Gray Office
43 Lewiston Road · Gray ME 04039 (207) 657-4777 · Fax (207) 657-6352
Portland Office
1345 Washington Avenue · Portland ME 04103 (207) 797-6492 · Fax (207) 797-7470
Windham Office
808 Roosevelt Trail · Windham ME 04062 (207) 892-3359 · Fax (207) 892-4109
Lobby Drive-Thru Mon-Thurs: 8:30 - 4:30 8:30 - 4:30 Friday: 8:30 - 5:00 8:00 - 5:00 Saturday: 8:30 - 12:00 8:30 - 12:00
Westbrook Service Center
Vocational Drive · Westbrook ME 04092 (207) 854-9850 · Fax (207) 854-9844
Service Center Hours Lobby Monday–Thursday: 9:00 - 4:30 Friday: 9:00 - 5:00 Saturday: Closed
It’s Me 247 Online Banking www.myccfcu.com CU*Talk 1-800-870-7190
Federally Insured by NCUA · Equal Opportunity Lender
January 20, 2015 – February 28, 2015
The deposit functions at our Falmouth, Gray, Portland, and Windham ATMs may not be available occasionally between January 20 and February 28, 2015, during ATM system upgrades. We do have night drop depositories available if the ATM is unable to make a deposit.
We apologize for this inconvenience.
CCFCU Has a Checking
Account for Every Member
With the variety of checking accounts we offer, we’re sure there’s one to match the needs of every member!
Our regular checking account offers: • No monthly fees
• No required debit card usage • No minimum balance requirement • No direct deposit requirement
Our Money Market Checking Account is an investment opportunity that earns higher dividends than a regular checking account but still allows immediate access to your funds with-out any penalties. There is a $4,000 minimum opening balance with dividend tiered rates. Average daily balances of $10,000 or more earn additional monthly dividends.
Our Teen Checking Club helps young adults get started on the road to financial independence. Club members complete four online courses to learn how to be financially responsible. Parental consent is required for a debit card.
Our free4ME Account is the ultimate account for 18- to 25-year-old members. In addition to all the features of our regular account, free4ME checking members receive additional VIP Member Reward points to apply towards Oops! overdraft forgiveness.
Our Fresh Start Checking Account is designed to give a second chance to those who want to re-establish their financial record. It’s often difficult to open new accounts if you’ve ever had an account closed because it was overdrawn. We believe everyone deserves a Fresh Start! For more information and details on any of our checking accounts, contact a Service Specialist today at 207.878.3441 x260.
Certificate Accounts
Possible ATM Deposit
Service Disruption
Looking for a safe account for your hard-earned savings? CCFCU’s certificate accounts pay very competitive dividends with the opportunity to earn even higher returns with a larger minimum balance. With flexible terms and tiered rates, we are sure to have the right term deposit account for you. CCFCU certificates offer:
• Security: Up to $500,000 is federally insured by NCUA (National Credit Union Administration) and privately insured Excess Share Insurance (ESI)
• Fixed rates: Rates won’t change for the term of the certificate, providing steady returns on your money
• Flexible terms: We offer 6, 9, 12, 24, 36, 48 and 60 month certificate terms We also offer IRA
Certificates for a
safe way to save for retirement. They are available for 12, 24, 36, 48 and 60 month terms. For more information and for current certificates rates, please visit www.myccfcu.com or call us at 207.878.3441.
New Year’s Day
Wednesday, December 31 · Closing at 1:00 p.m.
Thursday, January 1
Martin Luther King, Jr. Day
Monday, January 19 · Closed
Presidents’ Day
Monday, February 16 · Closed
Shouldn’t you be able to access your money wherever you are without fees
or hassles? It’s your money and accessing it should be easy! That’s why credit unions in Maine created the SURF surcharge-free ATM Network. The SURF ATM Network gives you access to over 230 ATM locations across the state of Maine. Whether you are riding miles of beautiful trails in Caribou, carving the slopes in Kingfield or cozying up by the fire in Kittery this winter, you’ll have easy access guaranteed!
Surcharge Free—
Paying Down Debt: Which Loans
Should You Pay Off First?
Is there a right or wrong way to pay down your debt? The answer is not cut and dry; it depends on your financial and personal goals and objectives. There are two main theories about the order of which to pay off loans, and even more advice about those plans.
Pay down the loan with the highest interest
rate first
The first school of thought is to pay off debts by interest rate from highest to lowest. The theory behind this is that it will save you the most money in the long run. This plan does make sense, as debt with high interest is costing you more money over time. The problem with this strategy is this: You may physically have more traction over your finances, but you won’t feel like you do. Full disclosure — if your highest interest loan is also your largest debt, it will take a while to pay it off. You will not feel like you’re making any progress; thus it may make it difficult to stay focused on paying off debt without the satisfaction of knowing a debt is paid in full.
Pay down smaller debts first
If you’re into immediate gratification, this is the plan for you. “You can clear up a lot of smaller monthly payments and quickly apply those to the extra money you are paying off on your debt snow-ball,” explained money management expert Miriam Caldwell of the Money in Your 20s website.
The downside here is that you could lose important tax benefits of having big loans paid down and you could end up paying a lot more interest in the end (see above) by putting high interest loans last in your order of importance.
Take a balanced approach
Knock out a few of your small loans in a few months and then work on larger interest debt before going back to paying on small loans again. Another way to balance out your methodology is to pay smaller loans off more quickly if the interest rates are generally within a percentage point or two,
because that will give you more power to pay off the larger loans.
“You may want to put the loans that save you on your taxes at the end of your debt payment plan. This would be your student loan, home equity loan or second mortgage,” added Caldwell. “These debts may also have lower interest rates. This lets you continue to deduct the interest from your taxes each year.” Obviously do not hold onto debt simply for tax purposes, she included.
Stick to the plan
Eventually, minimum payments may start to go down on debts like credit cards. Tempting as it may be to use the extra money that you once had to put toward loan payments on frivolous personal items, resist the urge. Use that extra money as an additional payment on your loans, using the same
plan you started with initially to designate importance. This will help cut your debt down even more. How-ever, Caldwell inserted that you don’t have to stick to the exact same plan forever. “As the terms of your loans change or your current situation changes, you can make adjust-ments to the order of your debt payment plan,” Caldwell said. “But you do need to keep paying extra each month.”
It may be hard to stay motivated, but there are ways to successfully pay off your debt. Create a chart where you can visually track your progress, or celebrate milestones along the way of your debt-repayment journey. Keep in mind that with a solid plan, debt will not last forever.
Start your year off with
great financing!
Add to your
Presidents’ Day
deals with
a low interest
rate vehicle loan
from CCFCU.
CCFCU’s loan application process is a time saver. So stay where you are and give us a call to get pre-approved today! Call 207.878.3441 x250.
*Offer subject to final loan approval, $12,000 minimum loan amount, and 36 months minimum loan term length. Special offer not available on refinancing of existing Cumberland County Federal Credit Union auto loans. Offer available from January 1 to April 30, 2015. Payment on a new car financed for 60 months for $12,000 at 2.45% APR is $213.51. Interest rate subject to loan approval.
CCFCU Auto Loan Special
SPECIAL OFFER
GET A CCFCU
AUTO LOAN,
GET $50!*
and take a
step toward
greater
security
Even though the clock has run out on 2014, you may still be able to reduce your tax bill for the year. Until April 15, 2015, Uncle Sam allows you to open and fund a 2014 IRA for yourself and your spouse. If you’re under 70½ and didn’t have a retirement savings plan at work, you can deduct a Traditional IRA contribution from your 2014 taxable income.Cut Your April Tax Bill
That contribution can total as much as $5,500 if you’re under 50, or $6,500 if you’re older. In the 25% bracket, saving the maximum amount would reduce your income tax bill by a rewarding $1,375 (or $1,625 for older folks). Even with an employer 401(k) or a similar plan, you may still be eligible for an IRA deduction if you meet income limits. For specifics, search for “Retirement Topics: IRA Contribution Limits” at www.irs.gov.
The Difference an IRA Can Make
According to a hypothetical example from the Vanguard Group, if you contribute $5,500 every year and earn a 6% average annual return, at the end of 20 years your IRA would be worth $214,460. That could make a real difference in your financial security.
See Us to Open an IRA Now!
Here at CCFCU, you’ll find insured IRA savings accounts that allow you to make frequent deposits, as well as share certificates for various terms. We also offer access to investment markets.But act now! Funding an IRA won’t just benefit you on April 15. It’s the kind of money move you’ll really appreciate many years from now.
There’s Still Time to Save
on 2014 Taxes…
Paying Down Debt: Which Loans
Should You Pay Off First?
Is there a right or wrong way to pay down your debt? The answer is not cut and dry; it depends on your financial and personal goals and objectives. There are two main theories about the order of which to pay off loans, and even more advice about those plans.
Pay down the loan with the highest interest
rate first
The first school of thought is to pay off debts by interest rate from highest to lowest. The theory behind this is that it will save you the most money in the long run. This plan does make sense, as debt with high interest is costing you more money over time. The problem with this strategy is this: You may physically have more traction over your finances, but you won’t feel like you do. Full disclosure — if your highest interest loan is also your largest debt, it will take a while to pay it off. You will not feel like you’re making any progress; thus it may make it difficult to stay focused on paying off debt without the satisfaction of knowing a debt is paid in full.
Pay down smaller debts first
If you’re into immediate gratification, this is the plan for you. “You can clear up a lot of smaller monthly payments and quickly apply those to the extra money you are paying off on your debt snow-ball,” explained money management expert Miriam Caldwell of the Money in Your 20s website.
The downside here is that you could lose important tax benefits of having big loans paid down and you could end up paying a lot more interest in the end (see above) by putting high interest loans last in your order of importance.
Take a balanced approach
Knock out a few of your small loans in a few months and then work on larger interest debt before going back to paying on small loans again. Another way to balance out your methodology is to pay smaller loans off more quickly if the interest rates are generally within a percentage point or two,
because that will give you more power to pay off the larger loans.
“You may want to put the loans that save you on your taxes at the end of your debt payment plan. This would be your student loan, home equity loan or second mortgage,” added Caldwell. “These debts may also have lower interest rates. This lets you continue to deduct the interest from your taxes each year.” Obviously do not hold onto debt simply for tax purposes, she included.
Stick to the plan
Eventually, minimum payments may start to go down on debts like credit cards. Tempting as it may be to use the extra money that you once had to put toward loan payments on frivolous personal items, resist the urge. Use that extra money as an additional payment on your loans, using the same
plan you started with initially to designate importance. This will help cut your debt down even more. How-ever, Caldwell inserted that you don’t have to stick to the exact same plan forever. “As the terms of your loans change or your current situation changes, you can make adjust-ments to the order of your debt payment plan,” Caldwell said. “But you do need to keep paying extra each month.”
It may be hard to stay motivated, but there are ways to successfully pay off your debt. Create a chart where you can visually track your progress, or celebrate milestones along the way of your debt-repayment journey. Keep in mind that with a solid plan, debt will not last forever.
Start your year off with
great financing!
Add to your
Presidents’ Day
deals with
a low interest
rate vehicle loan
from CCFCU.
CCFCU’s loan application process is a time saver. So stay where you are and give us a call to get pre-approved today! Call 207.878.3441 x250.
*Offer subject to final loan approval, $12,000 minimum loan amount, and 36 months minimum loan term length. Special offer not available on refinancing of existing Cumberland County Federal Credit Union auto loans. Offer available from January 1 to April 30, 2015. Payment on a new car financed for 60 months for $12,000 at 2.45% APR is $213.51. Interest rate subject to loan approval.
CCFCU Auto Loan Special
SPECIAL OFFER
GET A CCFCU
AUTO LOAN,
GET $50!*
and take a
step toward
greater
security
Even though the clock has run out on 2014, you may still be able to reduce your tax bill for the year. Until April 15, 2015, Uncle Sam allows you to open and fund a 2014 IRA for yourself and your spouse. If you’re under 70½ and didn’t have a retirement savings plan at work, you can deduct a Traditional IRA contribution from your 2014 taxable income.Cut Your April Tax Bill
That contribution can total as much as $5,500 if you’re under 50, or $6,500 if you’re older. In the 25% bracket, saving the maximum amount would reduce your income tax bill by a rewarding $1,375 (or $1,625 for older folks). Even with an employer 401(k) or a similar plan, you may still be eligible for an IRA deduction if you meet income limits. For specifics, search for “Retirement Topics: IRA Contribution Limits” at www.irs.gov.
The Difference an IRA Can Make
According to a hypothetical example from the Vanguard Group, if you contribute $5,500 every year and earn a 6% average annual return, at the end of 20 years your IRA would be worth $214,460. That could make a real difference in your financial security.
See Us to Open an IRA Now!
Here at CCFCU, you’ll find insured IRA savings accounts that allow you to make frequent deposits, as well as share certificates for various terms. We also offer access to investment markets.But act now! Funding an IRA won’t just benefit you on April 15. It’s the kind of money move you’ll really appreciate many years from now.
There’s Still Time to Save
on 2014 Taxes…
Paying Down Debt: Which Loans
Should You Pay Off First?
Is there a right or wrong way to pay down your debt? The answer is not cut and dry; it depends on your financial and personal goals and objectives. There are two main theories about the order of which to pay off loans, and even more advice about those plans.
Pay down the loan with the highest interest
rate first
The first school of thought is to pay off debts by interest rate from highest to lowest. The theory behind this is that it will save you the most money in the long run. This plan does make sense, as debt with high interest is costing you more money over time. The problem with this strategy is this: You may physically have more traction over your finances, but you won’t feel like you do. Full disclosure — if your highest interest loan is also your largest debt, it will take a while to pay it off. You will not feel like you’re making any progress; thus it may make it difficult to stay focused on paying off debt without the satisfaction of knowing a debt is paid in full.
Pay down smaller debts first
If you’re into immediate gratification, this is the plan for you. “You can clear up a lot of smaller monthly payments and quickly apply those to the extra money you are paying off on your debt snow-ball,” explained money management expert Miriam Caldwell of the Money in Your 20s website.
The downside here is that you could lose important tax benefits of having big loans paid down and you could end up paying a lot more interest in the end (see above) by putting high interest loans last in your order of importance.
Take a balanced approach
Knock out a few of your small loans in a few months and then work on larger interest debt before going back to paying on small loans again. Another way to balance out your methodology is to pay smaller loans off more quickly if the interest rates are generally within a percentage point or two,
because that will give you more power to pay off the larger loans.
“You may want to put the loans that save you on your taxes at the end of your debt payment plan. This would be your student loan, home equity loan or second mortgage,” added Caldwell. “These debts may also have lower interest rates. This lets you continue to deduct the interest from your taxes each year.” Obviously do not hold onto debt simply for tax purposes, she included.
Stick to the plan
Eventually, minimum payments may start to go down on debts like credit cards. Tempting as it may be to use the extra money that you once had to put toward loan payments on frivolous personal items, resist the urge. Use that extra money as an additional payment on your loans, using the same
plan you started with initially to designate importance. This will help cut your debt down even more. How-ever, Caldwell inserted that you don’t have to stick to the exact same plan forever. “As the terms of your loans change or your current situation changes, you can make adjust-ments to the order of your debt payment plan,” Caldwell said. “But you do need to keep paying extra each month.”
It may be hard to stay motivated, but there are ways to successfully pay off your debt. Create a chart where you can visually track your progress, or celebrate milestones along the way of your debt-repayment journey. Keep in mind that with a solid plan, debt will not last forever.
Start your year off with
great financing!
Add to your
Presidents’ Day
deals with
a low interest
rate vehicle loan
from CCFCU.
CCFCU’s loan application process is a time saver. So stay where you are and give us a call to get pre-approved today! Call 207.878.3441 x250.
*Offer subject to final loan approval, $12,000 minimum loan amount, and 36 months minimum loan term length. Special offer not available on refinancing of existing Cumberland County Federal Credit Union auto loans. Offer available from January 1 to April 30, 2015. Payment on a new car financed for 60 months for $12,000 at 2.45% APR is $213.51. Interest rate subject to loan approval.
CCFCU Auto Loan Special
SPECIAL OFFER
GET A CCFCU
AUTO LOAN,
GET $50!*
and take a
step toward
greater
security
Even though the clock has run out on 2014, you may still be able to reduce your tax bill for the year. Until April 15, 2015, Uncle Sam allows you to open and fund a 2014 IRA for yourself and your spouse. If you’re under 70½ and didn’t have a retirement savings plan at work, you can deduct a Traditional IRA contribution from your 2014 taxable income.Cut Your April Tax Bill
That contribution can total as much as $5,500 if you’re under 50, or $6,500 if you’re older. In the 25% bracket, saving the maximum amount would reduce your income tax bill by a rewarding $1,375 (or $1,625 for older folks). Even with an employer 401(k) or a similar plan, you may still be eligible for an IRA deduction if you meet income limits. For specifics, search for “Retirement Topics: IRA Contribution Limits” at www.irs.gov.
The Difference an IRA Can Make
According to a hypothetical example from the Vanguard Group, if you contribute $5,500 every year and earn a 6% average annual return, at the end of 20 years your IRA would be worth $214,460. That could make a real difference in your financial security.
See Us to Open an IRA Now!
Here at CCFCU, you’ll find insured IRA savings accounts that allow you to make frequent deposits, as well as share certificates for various terms. We also offer access to investment markets.But act now! Funding an IRA won’t just benefit you on April 15. It’s the kind of money move you’ll really appreciate many years from now.
There’s Still Time to Save
on 2014 Taxes…
Paying Down Debt: Which Loans
Should You Pay Off First?
Is there a right or wrong way to pay down your debt? The answer is not cut and dry; it depends on your financial and personal goals and objectives. There are two main theories about the order of which to pay off loans, and even more advice about those plans.
Pay down the loan with the highest interest
rate first
The first school of thought is to pay off debts by interest rate from highest to lowest. The theory behind this is that it will save you the most money in the long run. This plan does make sense, as debt with high interest is costing you more money over time. The problem with this strategy is this: You may physically have more traction over your finances, but you won’t feel like you do. Full disclosure — if your highest interest loan is also your largest debt, it will take a while to pay it off. You will not feel like you’re making any progress; thus it may make it difficult to stay focused on paying off debt without the satisfaction of knowing a debt is paid in full.
Pay down smaller debts first
If you’re into immediate gratification, this is the plan for you. “You can clear up a lot of smaller monthly payments and quickly apply those to the extra money you are paying off on your debt snow-ball,” explained money management expert Miriam Caldwell of the Money in Your 20s website.
The downside here is that you could lose important tax benefits of having big loans paid down and you could end up paying a lot more interest in the end (see above) by putting high interest loans last in your order of importance.
Take a balanced approach
Knock out a few of your small loans in a few months and then work on larger interest debt before going back to paying on small loans again. Another way to balance out your methodology is to pay smaller loans off more quickly if the interest rates are generally within a percentage point or two,
because that will give you more power to pay off the larger loans.
“You may want to put the loans that save you on your taxes at the end of your debt payment plan. This would be your student loan, home equity loan or second mortgage,” added Caldwell. “These debts may also have lower interest rates. This lets you continue to deduct the interest from your taxes each year.” Obviously do not hold onto debt simply for tax purposes, she included.
Stick to the plan
Eventually, minimum payments may start to go down on debts like credit cards. Tempting as it may be to use the extra money that you once had to put toward loan payments on frivolous personal items, resist the urge. Use that extra money as an additional payment on your loans, using the same
plan you started with initially to designate importance. This will help cut your debt down even more. How-ever, Caldwell inserted that you don’t have to stick to the exact same plan forever. “As the terms of your loans change or your current situation changes, you can make adjust-ments to the order of your debt payment plan,” Caldwell said. “But you do need to keep paying extra each month.”
It may be hard to stay motivated, but there are ways to successfully pay off your debt. Create a chart where you can visually track your progress, or celebrate milestones along the way of your debt-repayment journey. Keep in mind that with a solid plan, debt will not last forever.
Start your year off with
great financing!
Add to your
Presidents’ Day
deals with
a low interest
rate vehicle loan
from CCFCU.
CCFCU’s loan application process is a time saver. So stay where you are and give us a call to get pre-approved today! Call 207.878.3441 x250.
*Offer subject to final loan approval, $12,000 minimum loan amount, and 36 months minimum loan term length. Special offer not available on refinancing of existing Cumberland County Federal Credit Union auto loans. Offer available from January 1 to April 30, 2015. Payment on a new car financed for 60 months for $12,000 at 2.45% APR is $213.51. Interest rate subject to loan approval.
CCFCU Auto Loan Special
SPECIAL OFFER
GET A CCFCU
AUTO LOAN,
GET $50!*
and take a
step toward
greater
security
Even though the clock has run out on 2014, you may still be able to reduce your tax bill for the year. Until April 15, 2015, Uncle Sam allows you to open and fund a 2014 IRA for yourself and your spouse. If you’re under 70½ and didn’t have a retirement savings plan at work, you can deduct a Traditional IRA contribution from your 2014 taxable income.Cut Your April Tax Bill
That contribution can total as much as $5,500 if you’re under 50, or $6,500 if you’re older. In the 25% bracket, saving the maximum amount would reduce your income tax bill by a rewarding $1,375 (or $1,625 for older folks). Even with an employer 401(k) or a similar plan, you may still be eligible for an IRA deduction if you meet income limits. For specifics, search for “Retirement Topics: IRA Contribution Limits” at www.irs.gov.
The Difference an IRA Can Make
According to a hypothetical example from the Vanguard Group, if you contribute $5,500 every year and earn a 6% average annual return, at the end of 20 years your IRA would be worth $214,460. That could make a real difference in your financial security.
See Us to Open an IRA Now!
Here at CCFCU, you’ll find insured IRA savings accounts that allow you to make frequent deposits, as well as share certificates for various terms. We also offer access to investment markets.But act now! Funding an IRA won’t just benefit you on April 15. It’s the kind of money move you’ll really appreciate many years from now.
There’s Still Time to Save
on 2014 Taxes…
Winter 2015
Holiday Closing Schedule
Branch Information
Falmouth Office
101 Gray Road · Falmouth ME 04105 (207) 878-3441 · Fax (207) 878-5327 Lobby Drive-Thru Mon-Thurs: 8:30 - 4:30 8:30 - 4:30 Friday: 8:30 - 5:00 8:00 - 5:00 Saturday: Closed Closed
Gray Office
43 Lewiston Road · Gray ME 04039 (207) 657-4777 · Fax (207) 657-6352
Portland Office
1345 Washington Avenue · Portland ME 04103 (207) 797-6492 · Fax (207) 797-7470
Windham Office
808 Roosevelt Trail · Windham ME 04062 (207) 892-3359 · Fax (207) 892-4109
Lobby Drive-Thru Mon-Thurs: 8:30 - 4:30 8:30 - 4:30 Friday: 8:30 - 5:00 8:00 - 5:00 Saturday: 8:30 - 12:00 8:30 - 12:00
Westbrook Service Center
Vocational Drive · Westbrook ME 04092 (207) 854-9850 · Fax (207) 854-9844
Service Center Hours Lobby Monday–Thursday: 9:00 - 4:30 Friday: 9:00 - 5:00 Saturday: Closed
It’s Me 247 Online Banking www.myccfcu.com CU*Talk 1-800-870-7190
Federally Insured by NCUA · Equal Opportunity Lender
January 20, 2015 – February 28, 2015
The deposit functions at our Falmouth, Gray, Portland, and Windham ATMs may not be available occasionally between January 20 and February 28, 2015, during ATM system upgrades. We do have night drop depositories available if the ATM is unable to make a deposit.
We apologize for this inconvenience.
CCFCU Has a Checking
Account for Every Member
With the variety of checking accounts we offer, we’re sure there’s one to match the needs of every member!
Our regular checking account offers: • No monthly fees
• No required debit card usage • No minimum balance requirement • No direct deposit requirement
Our Money Market Checking Account is an investment opportunity that earns higher dividends than a regular checking account but still allows immediate access to your funds with-out any penalties. There is a $4,000 minimum opening balance with dividend tiered rates. Average daily balances of $10,000 or more earn additional monthly dividends.
Our Teen Checking Club helps young adults get started on the road to financial independence. Club members complete four online courses to learn how to be financially responsible. Parental consent is required for a debit card.
Our free4ME Account is the ultimate account for 18- to 25-year-old members. In addition to all the features of our regular account, free4ME checking members receive additional VIP Member Reward points to apply towards Oops! overdraft forgiveness.
Our Fresh Start Checking Account is designed to give a second chance to those who want to re-establish their financial record. It’s often difficult to open new accounts if you’ve ever had an account closed because it was overdrawn. We believe everyone deserves a Fresh Start! For more information and details on any of our checking accounts, contact a Service Specialist today at 207.878.3441 x260.
Certificate Accounts
Possible ATM Deposit
Service Disruption
Looking for a safe account for your hard-earned savings? CCFCU’s certificate accounts pay very competitive dividends with the opportunity to earn even higher returns with a larger minimum balance. With flexible terms and tiered rates, we are sure to have the right term deposit account for you. CCFCU certificates offer:
• Security: Up to $500,000 is federally insured by NCUA (National Credit Union Administration) and privately insured Excess Share Insurance (ESI)
• Fixed rates: Rates won’t change for the term of the certificate, providing steady returns on your money
• Flexible terms: We offer 6, 9, 12, 24, 36, 48 and 60 month certificate terms We also offer IRA
Certificates for a
safe way to save for retirement. They are available for 12, 24, 36, 48 and 60 month terms. For more information and for current certificates rates, please visit www.myccfcu.com or call us at 207.878.3441.
New Year’s Day
Wednesday, December 31 · Closing at 1:00 p.m.
Thursday, January 1
Martin Luther King, Jr. Day
Monday, January 19 · Closed
Presidents’ Day
Monday, February 16 · Closed
Shouldn’t you be able to access your money wherever you are without fees
or hassles? It’s your money and accessing it should be easy! That’s why credit unions in Maine created the SURF surcharge-free ATM Network. The SURF ATM Network gives you access to over 230 ATM locations across the state of Maine. Whether you are riding miles of beautiful trails in Caribou, carving the slopes in Kingfield or cozying up by the fire in Kittery this winter, you’ll have easy access guaranteed!
